Connect with us

Hi, what are you looking for?


AboitizPower signs EPC contract for Albay geothermal plant

ABOITIZ POWER Corp.’s (AboitizPower) subsidiary has signed an engineering, procurement and construction (EPC) contract with Ormat Technologies, Inc. and Desco, Inc. for the development of its 17-megawatt (MW) binary geothermal plant in Tiwi, Albay.

AboitizPower’s subsidiary, AP Renewables, Inc. (APRI), said in a statement on Monday that the development of the project will start by the first quarter of next year and will be completed by yearend.   

The project will be built with a new binary plant system, pipes, and transmission lines.   

“Every step count in our bid to grow our renewable energy (RE) portfolio. We are determined to reach our targets, and this project proves that we are ready to pursue every reasonable opportunity,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in the statement.

In April, AboitizPower signed an agreement with its steam provider for the supply of brine, which will fuel the binary plant.   

Jeffrey Estrella, president and chief operating officer of APRI, said its partnership with Ormat Technologies and Desco will reaffirm the company’s commitment to boost Cleanergy to the grid, the company’s renewable brand in the Philippines.   

“We are glad to move this project forward with partners we already know and trust. This collaboration will reinforce our commitment to providing much-needed Cleanergy to the grid,” Mr. Estrella said.

AboitizPower is targeting to spend P190 billion in the next 10 years to expand its portfolio, which will include an additional of 3,700 MW of renewables. The company currently has 1,000 MW of RE projects.

On Monday, shares in the company closed 0.45% higher to end at P33.70 apiece. — A.E.O. Jose

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!


Editor’s Pick

<?xml encoding=”utf-8″ ??> Pressure on the Tory Party chairman increases as the head of HMRC says there are no penalties for ‘innocent errors’. Nadhim...

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.